Cooperative housing association Oslo Bolig- og Sparelags' (OBOS) is launching a mandatory offer to acquire the 8% of shares it does not already own in Oslo-listed property company Fornebu Utvikling (FBU).
Cooperative housing association Oslo Bolig- og Sparelags' (OBOS) is launching a mandatory offer to acquire the 8% of shares it does not already own in Oslo-listed property company Fornebu Utvikling (FBU).
FBU develops housing in development projects at Fornebu outside Norway's capital Oslo and in the Danish city Odense.
OBOS confirmed on Tuesday it is to launch the compulsory acquisition for the remaining shares shortly. The move follows the decision by the Norwegian Competition Authority to approve OBOS's acquisition of more than 494 million shares in FBU at NOK 2.45 per share.
OBUS was an existing shareholder and now controls 767 million shares, corresponding to 92.4% of the issued capital in FBU.
FBU's roots date back to the closure of Oslo Airport Fornebu in 1988. The City of Oslo became the owner of 1.9 square kilometres of land which it sold in 2001 in one of the largest deals ever to take place in Norway. FBU was created in 2009 following several corporate acquisitions and a company restructuring.
